‘Access to Finance for Women Entrepreneurs in COVID-19 Era’ Promoted

‘Access to Finance for Women Entrepreneurs in COVID-19 Era’ Promoted

The National Bank of Cambodia has collaborated with the United States Agency for International Development (USAID) through Pact Cambodia, Khmer Enterprise, Swisscontact and Good Return to organise the Entrepreneurship Ecosystem Forum on “Access to Finance for Women Entrepreneurs in COVID-19 Era”.

The forum is to share the learnings and insights on relevant studies, information, service and resources related to “Access to finance” for women entrepreneurs with efforts from diverse key actors and stakeholders in entrepreneurship ecosystem especially in the COVID-19 era.

It also creates an enabling friendly environment for entrepreneurship ecosystem key actors and stakeholders that are of common interests to engage in constructive and meaningful dialogue. Financial institutions, it is able design better adapted financial products and adapted payment schedule for young women entrepreneurs (YWEs) as well as to explore potential linkage and collaboration among different actors to support women entrepreneurs in access to finance in the COVID-19 era.

Rath Sovannorak, Director-General of Banking Supervision of the National Bank of Cambodia, said the forum is to share experiences and relevant insights on access to finance for women entrepreneurs.

He said that financial inclusion plays an important role in poverty reduction and economic empowerment in Cambodia. Thus, promoting access to and usage of affordable and well-regulated financial services is set as one of NBC’s priorities. However, there are still a lot of challenges that remained to overcome, particularly for women.

“We would like to say thank you to Pact Cambodia and USAID for the initiative to conduct this forum as it could contribute to boosting the financial inclusion for women and women entrepreneurs,” Sovannorak.

The National Bank of Cambodia has set the target to increase the possibility to access to official and quality of financing, reduce the rate of women who has not able to access the financial service from 27 percent to 13 percent and strengthen the use of official financial service from 59 percent to 70 percent as of the year 2025 as well as improving the well-being of the families and sustaining economic growth.

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